Minnesota magnet maker lands $150M federal loan to expand rare-earth-free production


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Minneapolis/St. Paul Business Journal

TRUMP MINING 2

President Donald Trump speaks at a roundtable event on mining at the State Department in Washington, on Friday, Aug. 7, 2026. From left: Trump, Secretary of State Marco Rubio, and Commerce Secretary Howard Lutnick.

(Anna Rose Layden/The New York Times)

Alyxandra Sego

Aug 7, 2026

Updated Aug 7, 2026 6:42pm CDT

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President Donald Trump singled out a Minneapolis-based company during a mining industry event in Washington, praising its magnet technology as "really badly needed."

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